Caesars Entertainment Says Sale of Strip Property Still in their Plans

Caesars Entertainment Logo
Caesars Entertainment says that it is still on track to sell one of its Las Vegas Strip properties in th coming months.

Said Caesars CEO Tom Reeg during Tuesday’s 4th Quarter earnings call:

“The next time we talk to you about a Strip asset sale, it will be to announce that sale.”

Caesars has been rumored to be selling a Las Vegas Strip property ever since El Dorado announced its merger with Caesars in 2019. But the COVID-19 pandemic delayed those plans as the company focused its efforts on bouncing back from the shutdowns experienced in 2020.

The company’s Strip properties include Caesars Palace, Paris Las Vegas, Planet Hollywood, The Cromwell, Flamingo, The LINQ, Harrah’s, and the soon to be rebranded Bally’s. Caesars has not announced which of those properties will be sold.

Las Vegas Continues to Recover

Caesars reported revenues of $2.6 billion and a net loss of $434 million for the quarter ending December 31, 2021. Those figures were better than the $1.6 billion revenues and $555 million net loss during the three-month period ending December 2020. It’s total of $9.6 billion in revenues for the entire 2021 also nearly tripled what it made in 2020.

Its occupancy rates for Strip properties during the 4th quarter of 2021 hit 86% with an even higher 95% occupancy during weekends. These figures suggest that the gambling and hospitality industry in Las Vegas continues to recover after the shutdowns that greatly affected profitability in 2020 and early 2021.

Cutting Back on Sportsbook Advertising

Last April, Caesars closed its acquisition of William Hill PLC in a transaction that was valued at around $ 4 billion. In August, they launched Caesars Sportsbook with a multi-million national advertising campaign with the hopes of capturing a significant portion of the sports betting pie in the United States.

With the company reporting a 21% market share in their latest month betting handle figures, Caesars said that it planning to significantly cut back on those marketing costs since the sportsbook has grown bigger than what it first anticipated.

Here’s What We Know About the Bally’s Las Vegas Rebranding

Ballys Las Vegas Casino With Horseshoe

Las Vegas is home to many of the world’s biggest and best casinos. The Bally’s brand has been a staple in this city for many years, yet it appears the company is deciding to change things up. Today, we’ll talk about some of the details surrounding Bally’s Las Vegas rebranding.

The casino industry in Las Vegas thrived in 2021. Most experts predict another hugely successful year in 2022.

Let’s look at what exactly Bally’s Las Vegas has planned!

More Information on Bally’s Las Vegas Rebranding is Coming Out

Back in 1973, a new casino-resort called MGM Grand Hotel and Casino opened its doors on the Las Vegas Strip. This property was heavily damaged by a fire in 1980 and was taken over by Bally Manufacturing in 1986. It has remained a popular hotel and casino for a huge number of tourists entering into Las Vegas every year.

This week, news broke that Bally’s Las Vegas is set to undergo a massive renovation and rebranding process. Caesars Entertainment, the owners of this venue, revealed plans to begin a multi-million dollar transformation. It’s the largest renovation project this hotel has seen in decades.

Once complete, this property will be renamed Horseshoe Las Vegas. Jason Gregorec, senior vice president and general manager of the property, spoke to the media about this situation earlier this week.

“At Horseshoe, it’s all about the gambler. Since 1951 Horseshoe Casinos have been home to the best odds, highest limits, and biggest jackpots. So, it’s fitting that we bring Horseshoe back to Las Vegas, and right on the Las Vegas Strip,” Gregorec said. “Holding to the Horseshoe tradition of providing impeccable service, our guests will see the property transform over time, ensuring we aren’t disrupting the excitement while we make the transition.”

The current plan is to complete the Bally’s Las Vegas rebranding by the end of the year. The project will start this Spring. That coincides with the start of the 2022 World Series of Poker tournament being held here. It’s exciting news and should help to bring a surge of tourists into this popular venue.

Las Vegas Casinos Brace for a Successful 2022

2020 was the worst year in history for the casino industry in Las Vegas. 2021 ended up being one of the best. Analysts are now confident that 2022 will be another one of the best years in history for the entire US casino industry, including the gaming venues in Las Vegas.

A lot has changed in this city over the last few years. Many of the top casino companies have been involved in major property sales. That includes Las Vegas Sands, which agreed to part ways with The Venetian. This company is now focused primarily on its operations abroad and in other parts of the country.

MGM Resorts International has also been involved in major sales. The company recently parted ways with The Mirage to Hard Rock International. Many were disappointed to hear that Hard Rock plans to remove the famous volcano in front of this iconic hotel. MGM also agreed to purchase the Cosmopolitan late last year in a multi-billion deal spanning several years.

It’s clear that these companies are bracing for some major changes in 2022. Tourism rates are expected to surge throughout the year. This summer, in particular, will likely be one of the most successful in history for the gambling companies here.

Caesars Entertainment is now focusing on the Bally’s Las Vegas rebranding. This major casino operator clearly believes that this project will help the venue in what should prove to be a massive year for the city of Las Vegas. Stay tuned for updates on more casino sales in this city over the next few years.

East Coast Gambling Hubs Prepare for Revenue Surges

Las Vegas is far from the only gambling hub preparing for a successful year. The Northeastern US is quickly developing one of the most successful industries in the country. Many of the states in this region have worked hard to expand their gaming industries in recent years.

New Jersey’s casino industry comes to mind. Like Las Vegas, this state experienced massive drops in its casino revenue throughout 2020. Things completely turned around last year and the casinos (along with the state’s sports betting operators) also experienced massive revenue surged throughout the year.

New York’s gambling industry has been making headlines lately. Not long ago, lawmakers allowed for online sportsbooks to go live here. These online gambling platforms have already generated a massive amount of revenue in just their first few weeks of operating.

Pennsylvania is home to a huge number of casinos and successful sports betting operators. These companies help to bring in a huge amount of tax revenue each year. More casinos are expected to open here in the coming years and the current casinos based here are anticipating massive revenue surges throughout 2022.

More information on the Bally’s Las Vegas rebranding continues to surface. Stay tuned for more information on the changes taking place here as the months go on.

Here’s Why Caesars Entertainment’s Share Prices Fell This Week

Caesars Entertainment And Stock Market Background

By all accounts, 2021 has been one of the most successful years in history for the US casino industry. Some companies ended up struggling over the year’s third quarter, though. It seems that a tough third-quarter ended up having a major impact on Caesars Entertainment’s share prices.

Now is a great time to look at how much money this company brought in over April, May, and June. We’ll also discuss what quickly led to its stock prices increasing again.

Let’s get into it.

Quarterly Revenue Reports Leads to a Drop in Caesars Entertainment’s Share Prices

Caesars Entertainment has been one of the most successful casino operators for decades. Back in 2020, the company’s massive merger with Eldorado Resorts was completed. Together, these companies formed a powerhouse in the US casino market.

2021 has seemed to be a tremendous year for the company. Over the year’s second quarter, revenue figures were increasing and executives claimed they were interested in expansion. Revenue reports on 2021’s third-quarter earnings have just surfaced and some were surprised to see that the company lost $233 million over April, May, and June.

This news immediately sent Caesars Entertainment’s share prices down. These prices dropped by as much as 8% leading into a company conference call. Shortly after this call, the company’s stock prices started to increase as news of an upcoming Las Vegas casino sale broke.

Specifically which casino Caesars plans to sell is currently unknown. This company owns a huge number of successful casinos on the Las Vegas Strip. The sale of one of these properties has been confirmed to take place in “early 2022.”

Caesars Entertainment is not the only casino company to recently release revenue reports. Let’s look at how some of the other gaming operators in the US are faring right now.

More Casino Companies Release Release Quarterly Revenue Reports

The events that unfolded in 2020 took a devastating toll on the US casino industry. All of the country’s casinos were forced to remain closed for months out of the year. Many began to reopen over the summer, yet the amount of revenue these properties was able to bring in remained extremely low.

2021 has proven to be much different. Several major casino companies have just released their revenue reports for the year’s third quarter. It’s clear that some of these companies fared better over this time period than others.

Golden Entertainment is one casino operator to experience revenue surges over 2021’s third quarter. The company managed to bring in $282.4 million over the quarter, with a net income of $29.1 million and Adjusted EBITDA of $73.4 million. Executives seem pleased with these results and expect a highly successful fourth quarter.

MGM Resorts International gave its shareholders reason to be optimistic, too. This company just revealed that it had a Q3 net income of $1.4 billion. Net revenue from MGM’s properties in Las Vegas increased by 187% when compared to the same time period in 2020.

Caesars Entertainment’s share prices dropped due to the third-quarter revenue drop. It will be interesting to see how the stock prices of the companies listed above change over the next few weeks. Stay tuned for updates!

Sports Betting Revenue Remains High Around the United States

Casinos across the United States have been reporting large revenue increases throughout the year. Sports betting revenue figures have been going up throughout the year, too. 2021 has already proven to be the best year in history for the US sports gambling industry.

This past August proved to be a slow month for this industry. Things have completely turned around in September, though. Just about every state with regulated sports gambling options has been reporting large revenue increases.

Virginia is one of those states. The sports gambling operators here managed to bring in $30.9 million over the course of the month. Sports betting launched here in January and has already proven to be hugely popular.

September was also a historic year for the sports betting industry in New Jersey. It was this month that the state’s sportsbooks saw more than $1 billion in total sports betting handle. Most of these wagers were placed on the NFL season.

Were you surprised to see Caesars Entertainment’s share prices falling? How will the year’s fourth quarter be for US casino companies? Let us know in the comments section below.

Washington Capitals Sign Jersey Patch Deal With Caesars Sportsbook

Image of NHL Players Mixed With a Sportsbook
Monumental Sports & Entertainment announced a first of its kind partnership with Caesars Entertainment on Thursday.

The multi-year agreement will place the Caesars Sportsbook logo as a patch on the Capitals home and third jerseys. These jersey will be worn during the team’s games which will be played at the Capital One Arena beginning the 2022 season.

Said MSE president of business operations and chief commercial officer Jim Van Stone:

“Following the successful launch of Caesars Sportsbook adjacent to Capital One Arena last spring, we are thrilled to introduce Caesars Sportsbook as the Capitals’ inaugural home jersey advertising partner in a first-of-its-kind announced partnership in the NHL.”

First of its Kind Partnership in the NFL

The deal is the first to be announced since the NHL board of governors approved the league’s Jersey Advertising Program last month. Under the program, teams will be allowed to add advertisement patches to their jerseys for the 2022-23 season. These patches should fit in a 3 by 3.5 inches rectangle to be placed anywhere on the team’s jersey.

Aside from the jersey patch deal, the parties also expanded their long-standing partnership with more casino, gaming, and Caesars Rewards programming elements. It also provides for the entitlement of a Caesars hospitality space and VIP seating at the Capital One Arena.

Making History Again

Earlier this year, Caesars Entertainment and MSE also made history when Caesars Sportsbook opened a retail venue inside the Capital One Arena last May. The sports betting shop is the first of its kind to open inside a U.S. professional sports venue.

The two-story 18,000 square foot facility features 17 betting windows and 12 self-service betting kiosks to serve its local, regional, and global visitors. The shop also has Verizon 5G Wi-Fi capability to enable members to place bets using their mobile devices.

More Information on the Proposed Casino in Danville, VA is Coming Out

Caesars Entertainment Danville Casino With Smoke Stacks

Caesars Entertainment continues to expand its operations around the United States. This week, the company revealed its first look at the proposed casino in Danville, VA. Many are excited to see what this new casino will have to offer its patrons.

It will take time for this property to open its doors. It’s clear that Caesars Entertainment is planning something special. Now is a great time to talk about some of the latest details surrounding this venue.

Let’s get into it!

Caesars Entertainment Releases Details on Proposed Casino in Danville, VA

Officials in the city of Danville, Virginia, have been looking into the possibility of opening a new casino-resort for years. After gaining approval to do so, city leaders began deciding which company should open and operate this casino. Eventually, Caesars Entertainment was chosen.

It seems this is becoming a major focus point for Caesars. The company released its official renderings for this $500 million property to the public this week. It is expected to have 500 rooms, a massive casino floor, a sportsbook, a several-thousand-seat theater, and a convention center.

The $500 million price tag is considerably more than what was initially expected. Caesars now claims it will begin groundbreaking in late 2021. The current goal is to get the proposed casino in Danville, VA opened at some point in 2023. Anthony Carano, President and CEO of Caesars Entertainment, spoke about the impact this casino will have on the city to the media this week.

“Caesars Virginia will be an economic driver for the region, both as a tourist and entertainment draw and through the more than a thousand good-paying jobs the resort will create,” Carano said. “The people of Danville have entrusted us to build a world-class resort, and we look forward to proving that trust was well-founded with an incredible resort worthy of the iconic Caesars brand.”

If all goes to plan, this will be the biggest and most luxurious casino in Virginia. Stay tuned for more updates on the opening of this venue over the next few months.

Analysts Expect to See Virginia’s Sports Betting Revenue Increase this Fall

Lawmakers in Virginia seem determined to expand the state’s gambling industry. New casinos are expected to open their doors here over the next few years. That includes the proposed casino in Danville, VA being planned by Caesars Entertainment.

Back in January of 2021, the first regulated sportsbooks launched in this state. Both land-based and online sports betting is now legal and regulated here. The sports betting operators here have seen fluctuating revenue figures since going live.

July proved to be a slow month for this industry. Most analysts expect things to pick up considerably over the fall months, though. This is primarily due to the 2021/2022 NFL season, which officially began last week.

A massive number of bets have already been placed on the season. More are expected to come in over the next few months. This will likely result in millions of dollars for the state of Virginia via taxable revenue.

It’s an exciting time to be a gambling fan in Virginia. Fortunately, many of the other East Coast gambling hubs are also faring very well right now.

New Jersey Reports Large Increase in Year-on-Year Casino Revenue

Virginia is quickly developing a large and profitable gaming industry in the East Coast’s central region. There is no doubt that New Jersey remains the largest casino hub in this part of the country, though. Many of the country’s most popular casino-resorts are currently located here.

New Jersey was one of the hardest-hit cities in the country from an economic standpoint throughout 2020. The casinos here were shut down for much of the year. Fortunately, most are seeing a major turnaround in 2021.

This August is proving to be a successful month for the gambling industry here. Reports have just surfaced showing that year-on-year gaming revenue increased by 31% this August. Total GGR came out to $427.6 million last month.

Casino revenue in the state may begin to fall as the year goes on. Sports betting revenue, however, is expected to rise considerably. We’ll be sure to offer more updates on the revenue reports in this state as the months go on.

Are you excited to hear about the proposed casino in Danville, VA? Let us know in the comments section below!

EBCI Holdings Completes $250 Million Purchase of Caesars Southern Indiana

Caesars Southern Indiana Casino Image

The Easter Band of Cherokee Indians Tribe finalized its $250 million purchase of the Caesars Southern Indiana casino on Friday.

The deal closed after the Indiana Gaming Commission gave its approval on th sale of the casino across the Ohio River in the Hoosier State.

Said R. Scott Barber, chairman of EBCI Holdings Inc:

“We knew that Caesars Southern Indiana has a special legacy of excellence which initially drew us to the casino. As we’ve discovered, Caesars Southern Indiana also employs an excellent workforce and has made meaningful investments in the community over the last two decades. We look forward to building on that success.”

Caesars Southern Indiana to Retain Branding and Rewards Program

Based on the agreement signed in the 2020 purchase, the Caesars Southern Indiana casino will keep its Caesar branding rights and the brand’s loyalty program Caesars Rewards.

EBCI Holdings also announced that they will retain the Caesar Southern Indiana’s roughly 900 management and staff in their current positions.

Previously known as the Horseshoe Indiana Casino, which was a boat on the Ohio River that opened in 1998, the property became Caesars Southern Indiana- a $90M, 100,000 square foot land based Casino in 2019. But after Caesars Entertainment’s $17.3B sale to Eldorado Resorts, Caesars was mandated to sell several of its properties, including the Caesars Southern Indiana.

Triple-Net Lease Agreement with VICI Properties, Inc.

Simultaneous with the closing of the deal, EBCI Holdings also signed a triple-net lease with a subsidiary of VICI Properties Inc. in connection with the real property associated with Caesars Southern Indiana. The lease has a total annual rent of $32.5M and an initial term of 15 years with four five-year tenant renewal options.

Rent under the lease will increase annual by 1.5% beginning in lease year 2 through lease year 5 and the greater of 2.0% or the Consumer Price index beginning lease year 6.

EBCI Holding was created early this year to diversify the holdings of the Eastern Band of Cherokee Indians in the commercial gaming and hospitality business. The Cherokees operate two casinos in Western North Carolina, both of which are managed by Caesars Entertainment. The Southern Indiana casino is their first casino property outside the state.

Caesars Entertainment Secures Gambling Partnership With Fiesta Bowl

Caesars Entertainment Logo

Caesars Entertainment announced that it had secured a sports betting partnership with the Fiesta Bowl.

The agreement is th first fantasy gaming and sports betting alliance between a college football bowl game and a gambling company. Financial details of the deal were not revealed although Sports Illustrated confirmed that it is a multi-year pact.

Not coincidentally, the partnership takes effect on September 9th when the state of Arizona will launch legal sports betting.

Caesars Fan Lounge

As part of the partnership, Caesars will pay host to a newly created fan lounge within each stadium of the Fiesta Bowl and the Guaranteed Rate Bowl. These lounges will provide fans with an educational and engaging experience with the company’s brand ambassadors.

The standing-room only area can accommodate 800 persons and it will have bars and a DJ. Caesars will also become the title sponsor of the PlayStation Fiesta Bowl pregame parties and high-rollers will be rewarded with club and suite seats at both events.

Caesars will also make an annual donation to Fiesta Bowl charities. Although the specifics were not named, Fiesta Bowl chief marketing officer Jose Moreno said that the deals are “significant” in amount.

Just the Latest in College Football Deals Involving Sports Betting Companies

The deal between the Fiesta Bowl and Caesars is just the latest involving a sports betting company and college football.

Last year, the University of Colorado entered into a five-year $1.65M advertising agreement with PointsBet. That was the first such deal since 2017 when UNLV signed a deal with William Hill. The Arizona Bowl also announced a title sponsorship deal with Barstool Sports.

The Colorado and University of Nevada deals allow their partner companies to post corporate signages in athletic venues. The University of Colorado agreement includes a “finder’s fee” of $30 for each new customer sent to PointsBet.

Caesars Entertainment Increases NFL Presence via Partnership With Houston Texans

Caesars Entertainment

Caesars Entertainment further solidified its position in the NFL by entering into a multi-year agreement with the Houston Texans franchise.

The partnership takes effect before the start of the 2021-22 NFL season.

Per Houston Texans’ President Greg Grissom in a statement:

“I’m thrilled to launch this multi-year partnership with Caesars Entertainment. It aligns perfectly with our commitment to creating memorable experiences for our fans. We have some great events lined up for this upcoming season that fans will not want to miss, and this partnership with Caesars is just another example of how we continue to look for ways to enhance the experience.”

Caesars Rewards Integrated to Promotional Channels

Under the deal, Caesars Rewards will be integrated into the team’s promotional channels, including in-stadium presence via signages, and traditional and digital media assets. will sponsor a free-to-play “Schedule Pick ‘Em” game which will be available via the Texans’ mobile betting app. Caesars Rewards members will have a chance to earn benefits like watching the games at one of the luxury suites at NRG Stadium.
Fans will also get the opportunity to submit their predictions for the Texans matches during the period leading up to the game. Winners will receiver free game tickets, a paid trip to a Caesars Entertainment property, and more. At every home game, one Texans season ticket holder will be selected for a chance to win an all-expense paid trip to Las Vegas.

Caesars Entertainment Has Solid Presence in the NFL

Caesars already has partnerships with seven NFL teams namely the Las Vegas Raiders, New Orleans Saints, Kansas City Chiefs, Indianapolis Colts, Baltimore Ravens, Atlanta Falcons, and Carolina Panthers. The Nevada-based gambling company also has a sports betting relationship with media outlet ESPN.

Last April, Caesars joined DraftKings and FanDuel as the three sports betting operators who were named as “tri-exclusive” partners of the NFL as a league. Caesars also signed a 20-year agreement for the naming rights to the Saints Superdome which shall be known as the Caesars Superdome for the duration of the contract.

Caesars Entertainment Launches New Sports Betting App

Caesars Entertainment Logo
Caesars Entertainment has launched a new mobile sportsbook called Caesars Sportsbook.

Operating on Liberty, the company’s owned and integrated stack, the new mobile sportsbook is currently live in eight states- Colorado, Indiana, Iowa, Michigan, New Jersey, Tennessee, Virginia, and West Virginia. Pending regulatory approvals, it is also expected to launch in Arizona, Maryland, and Louisiana.

In Illinois, Nevada, and Washington DC where sports bettors are required to be at or near a Caesars sportsbook to place a wager, bettors will now have access to the Caesars Sportsbook.

Said Tom Reeg, CEO of Caesars Entertainment:

“We are excited to launch our new comprehensive marketing campaign for Caesars Sportsbook. The rebranded and upgraded offerings for our Caesars Sportsbook will provide customized offers, flexible limits, a wide range of betting lines, and an intuitive user experience. Caesars Sportsbook also brings players into an empire of play where, win or lose, every wager gives them more through our award-winning Caesars Rewards.”

Upgraded Look and Link to Caesars Rewards

The new Caesars Sportsbook by William Hill offers users exclusive boosts on profit and flexible betting limits. To celebrate its launch, Caesars Sportsbook is offering first-time app users to place their first bet of up to $5,000, risk free. Aside from the rebranded and improved sports betting experience, app users are also linked to Caesars Rewards .

Under its rewards program, bettors will earn Caesars Rewards Tier Credits and Rewards Credits for every bet made, win or lose. Rewards Credits can be redeemed at the company’s more than 50 destinations in 16 states. This means that everything a player earns online can be used for free play, dining, getaways, and specially curated sports and entertainment experiences.

Nationwide Advertising Campaign

To ramp up the new product and to educate customers about it, Caesars Entertainment is launching a nationwide advertising campaign with actor-comedian JB Smoove embodying the legendary Caesar. As an avid spots fan, Smoove can easily line up with the vision of Caesars Sportsbook. The series of ads also features Patton Oswald as Carl, one of Caesars biggest fan who is already playing on Caesars Sportsbook while earning Caesars Rewards.

Caesars is the official casino sponsor and the official sports betting partner of the NFL. It also has partnership deals with the NBA, NHL, MLB, and other individual teams. Caesars recently became the naming partner of the New Orleans Saints’ home field which is now known as Caesas Superdome.

Caesars Entertainment, New Orleans Saints Sign Superdome Naming Rights Deal

Caesars Entertainment Logo

Caesars Entertainment and the NFL’s New Orleans Saints have inked a 20-year agreement that will give the Nevada-based gambling company the naming rights to the home of the Saints, the Superdome.

Aside from the naming rights, the two parties also plan to make joint investments that will use Caesars Entertainment’s leverage in the sporting and entertainment world in order to bring more world class events to the Superdome while also enhancing Championship Square as a venue.

The deal is the first explicit naming rights contract between an NFL team and a major casino operator as the league has steadily eased restrictions on gambling-related deals.

Investing Hundreds of Millions in NOLA

The terms of the deal were not made public although last week, the state budget committee pegged the overall value at $138M. The payment will go directly to the Saints as part of their 2009 contract with the Louisiana Stadium and Exposition District or the Superdome Commission, which has oversight functions over the property.

The Superdome deal is the largest sponsorship deal ever entered into by Caesars Entertainment. With the planned $320M expansion of Harrah’s at the riverside end of Canal Street, which is set to break ground this month, Caesars Entertainment in investing hundreds of millions of dollars in New Orleans.

Mercedes to Focus in Atlanta

Caesars Entertainment thus replaces Mercedes Benz which was the first naming rights sponsor to the 51-year old Superdome. Mercedes Benz’s 10-year deal expired this month and the German automotive maker decided not to renew in NOLA in order to focus its investments in Atlanta, Georgia.

Mercedes Benz recently moved its North America headquarters to Atlanta and they also have the naming rights to the stadium of Atlanta’s NFL team in the Atlanta Falcons. The Mercedes deal reportedly gave the Saints around $5.5M to $6M annually. Meanwhile, the new deal with Caesars is worth $6.9M per annum for the franchise.

Superdome Renovation

The Caesars Entertainment deal will spare taxpayers money from being used in the maintenance and renovation of the Superdome over the duration of the contract. However, the state will still contribute $90M to the current $450M renovation that is currently underway.

The ongoing renovation is set to add a dozen new luxury field-level suites. Under the new sponsorship deal, Caesars will own one of those suites while it will upgrade the two 400-level suites it currently owns to a more premium mid-field location.